United Nations Conference on Trade And Development INVESTMENT COUNTRY PROFILES. SWEDEN February 2013

Transcription

1 United Nations Conference on Trade And Development INVESTMENT COUNTRY PROFILES SWEDEN February 2013

2 Sweden i NOTE The Division on Investment and Enterprise of UNCTAD is a global centre of excellence, dealing with issues related to investment and enterprise development in the United Nations System. It builds on three and a half decades of experience and international expertise in research and policy analysis, intergovernmental consensus building, and provides technical assistance to developing countries. The terms country/economy as used in this investment country profile also refer, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgment about the stage of development reached by a particular country or area in the development process. The major country groupings used in this investment country profile follow the classification of the United Nations Statistical Office. These are: Developed countries: the member countries of the OECD (other than Chile, Mexico, the Republic of Korea and Turkey), plus the new European Union member countries which are not OECD members (Bulgaria, Cyprus, Latvia, Lithuania, Malta, and Romania), plus Andorra, Liechtenstein, Monaco and San Marino. Transition economies: South-East Europe and the Commonwealth of Independent States. Developing economies: in general all economies not specified above. For statistical purposes, the data for China do not include those for Hong Kong Special Administrative Region (Hong Kong SAR), Macao Special Administrative Region (Macao SAR) and Taiwan Province of China. Reference to companies and their activities should not be construed as an endorsement by UNCTAD of those companies or their activities. The boundaries and names shown and designations used on the maps presented in this publication do not imply official endorsement or acceptance by the United Nations. The following symbols have been used in the tables: Two dots (..) indicate that data are not available or are not separately reported. Rows in tables have been omitted in those cases where no data are available for any of the elements in the row; A dash ( ) indicates that the item is equal to zero or its value is negligible; A blank in a table indicates that the item is not applicable, unless otherwise indicated; A slash (/) between dates representing years, e.g., 1994/95, indicates a financial year; Use of an en dash ( ) between dates representing years, e.g., , signifies the full period involved, including the beginning and end years; Reference to dollars ($) means United States dollars, unless otherwise indicated; Annual rates of growth or change, unless otherwise stated, refer to annual compound rates; Details and percentages in tables do not necessarily add up to totals because of rounding. Only the tables shaded in the Table of Contents are available in this investment country profile. The material contained in this study may be freely quoted with appropriate acknowledgement. Exchange rates, SEK per US dollar Period average End of period Unedited Version UNCTAD/WEB/DIAE/IA/2012/18

3 Sweden ii Table of Contents Page Highlights A. Definitions and sources of data B. Statistics on FDI and the operations of TNCs (shaded rows show available tables) 3 Table 1. Summary of FDI 3 Table 2. Summary of international production 3 Table 3. FDI flows, by type of investment 4 Table 4. FDI stocks, by type of investment 5 Table 5. FDI flows in the host economy, by industry 6 Table 6. FDI flows in the host economy, by geographical origin 7 Table 8. FDI flows abroad, by industry 8 Table 9. FDI flows abroad, by geographical destination 9 Table 11. FDI stocks in the host economy, by industry 10 Table 12. FDI stocks in the host economy, by geographical origin 11 Table 14. FDI stocks abroad, by industry 12 Table 15. FDI stocks abroad, by geographical destination 13 Table 19. The number of home-based TNCs, by industry in the home economy 14 Table 20. The number of foreign affiliates of home-based TNCs, by industry abroad 15 Table 21. The number of foreign affiliates of home-based TNCs, by geographical location abroad 16 Table 22. The number of affiliates of foreign TNCs in the host economy, by industry 17 Table 23. The number of affiliates of foreign TNCs in the host economy, by geographical origin 18 Table 26. Assets of home-based TNCs, by industry in the home economy Table 27. Assets of foreign affiliates of home-based TNCs, by industry abroad Table 28. Assets of foreign affiliates of home-based TNCs, by geographical location abroad Table 29. Assets of affiliates of foreign TNCs in the host economy, by industry Table 30. Assets of affiliates of foreign TNCs in the host economy, by geographical origin Table 31. Employment of home-based TNCs, by industry in the home economy 19 Table 32. Employment of foreign affiliates of home-based TNCs, by industry abroad 20 Table 33. Employment of foreign affiliates of home-based TNCs, by geographical location abroad 21 Table 34. Employment of affiliates of foreign TNCs in the host economy, by industry 22 Table 35. Employment of affiliates of foreign TNCs in the host economy, by geographical origin 23 Table 36. Wages and salaries of home-based TNCs, by industry in the home economy 24 Table 37. Wages and salaries of foreign affiliates of home-based TNCs, by industry abroad 25 Table 38. Wages and salaries of foreign affiliates of home-based TNCs, by geographical location abroad Table 39. Wages and salaries of affiliates of foreign TNCs in the host economy, by industry 26 Table 40. Wages and salaries of affiliates of foreign TNCs in the host economy, by geographical origin 27 Table 41. Sales of home-based TNCs, by industry in the home economy 28 Table 42. Sales of foreign affiliates of home-based TNCs, by industry abroad 29 Table 43. Sales of foreign affiliates of home-based TNCs, by geographical location abroad 30 Table 44. Sales of affiliates of foreign TNCs in the host economy, by industry 31 Table 45. Sales of affiliates of foreign TNCs in the host economy, by geographical origin 32 Table 46. Value added of home-based TNCs, by industry in the home economy 33 Table 47. Value added of foreign affiliates of home-based TNCs, by industry abroad 34 Table 48. Value added of foreign affiliates of home-based TNCs, by geographical location abroad Table 49. Value added of affiliates of foreign TNCs in the host economy, by industry 35 Table 50. Value added of affiliates of foreign TNCs in the host economy, by geographical origin 36 Table 51. Profits after taxes of home-based TNCs, by industry in the home economy Table 52. Profits after taxes of foreign affiliates of home-based TNCs, by industry abroad Table 53. Profits after taxes of foreign affiliates of home-based TNCs, by geographical destination

4 Sweden iii Table of Contents Page Table 54. Profits after taxes of affiliates of foreign TNCs in the host economy, by industry 37 Table 55. Profits after taxes of affiliates of foreign TNCs in the host economy, by geographical origin 38 Table 56. Exports of home-based TNCs, by industry in the home economy 39 Table 57. Exports of foreign affiliates of home-based TNCs, by industry abroad 40 Table 58. Exports of foreign affiliates of home-based TNCs, by geographical destination 41 Table 59. Exports of affiliates of foreign TNCs in the host economy, by industry 42 Table 60. Exports of affiliates of foreign TNCs in the host economy, by geographical origin 43 Table 61. Imports of home-based TNCs, by industry in the home economy 44 Table 62. Imports of foreign affiliates of home-based TNCs, by industry abroad 45 Table 63. Imports of foreign affiliates of home-based TNCs, by geographical destination 46 Table 64. Imports of affiliates of foreign TNCs in the host economy, by industry 47 Table 65. Imports of affiliates of foreign TNCs in the host economy, by geographical origin 48 Table 66. R&D of home-based TNCs, by industry in the home economy Table 67. R&D of foreign affiliates of home-based TNCs, by industry abroad 49 Table 68. R&D of foreign affiliates of home-based TNCs, by geographical destination 50 Table 69. R&D of affiliates of foreign TNCs in the host economy, by industry 51 Table 70. R&D of affiliates of foreign TNCs in the host economy, by geographical origin 52 Table 71. Employment in R&D of home-based TNCs, by industry in the home economy Table 72. Employment in R&D of foreign affiliates of home-based TNCs, by industry abroad Table 73. Employment in R&D of foreign affiliates of home-based TNCs, by geographical destination 53 Table 74. Employment in R&D of affiliates of foreign TNCs in the host economy, by industry 54 Table 75. Employment in R&D of affiliates of foreign TNCs in the host economy, by geographical origin 55 Table 76. Royalty receipts of home-based TNCs, by industry in the home economy Table 77. Royalty receipts of foreign affiliates of home-based TNCs, by industry abroad Table 78. Royalty receipts of foreign affiliates of home-based TNCs, by geographical destination Table 79. Royalty receipts of affiliates of foreign TNCs in the host economy, by industry Table 80. Royalty receipts of affiliates of foreign TNCs in the host economy, by geographical origin Table 81. Royalty payments of home-based TNCs, by industry in the home economy Table 82. Royalty payments of foreign affiliates of home-based TNCs, by industry abroad Table 83. Royalty payments of foreign affiliates of home-based TNCs, by geographical destination Table 84. Royalty payments of affiliates of foreign TNCs in the host economy, by industry Table 85. Royalty payments of affiliates of foreign TNCs in the host economy, by geographical origin Table 86. Largest home-based TNCs 56 Table 87. Largest foreign affiliates of home-based TNCs 57 Table 88. Largest affiliates of foreign TNCs in the host economy 58

5 Sweden 1 Highlights At the end of 2011, the stock of inward foreign direct investment (FDI) in Sweden stood at 2.33 trillion Swedish Krona (SEK) ($338 billion) and the stock of outward FDI by Swedish firms was SEK2.47 trillion ($358 billion). In terms of FDI, the Swedish economy is considerably more internationalized than the EU average: while Sweden accounted for just over three per cent of the EU s GDP in 2011, its stocks of outward and inward FDI were 4.7 per cent and 3.9 per cent, respectively, of EU totals. In recent years, inflows of FDI to Sweden have been severely affected by the global economic downturn. The average annual inflows over the period were SEK97.6 billion ($14 billion), compared with the pre-crisis ( ) average of SEK163.3 billion ($23 billion). The extent of the decline was such that in 2010, divestment exceeded new investment by almost SEK9 billion. Almost 80 per cent of inward FDI stock, in 2010, was from other EU countries. The largest source countries of inward FDI are the Netherlands, Luxembourg and the United Kingdom. For Swedish firms, the largest investment destinations are the United States, Finland, the Netherlands, Norway and Demark. The EU as a whole is host to 60 per cent of Swedish outward FDI. In terms of sectoral composition, the share of manufacturing is large in both inflows and outflows of Swedish FDI: the sector accounted for 47 per cent of outward stock and 45 per cent of inward stock in The remaining shares were mostly in services. Foreign affiliates of Swedish firms employed 1.1 million workers abroad and were responsible for exports from their respective host countries worth SEK410 billion ($61 billion) in The value of their imports was SEK204 billion ($30 billion). A. Definitions and sources of data The central bank of Sweden, Sveriges Riksbank, has the overall responsibility for producing the balance-of-payments statistics. Since September 2007, the Riksbank commissions the national statistical institute, Statistics Sweden, to collect data on foreign direct investment through three sets of surveys: the monthly and annual surveys. The monthly survey is a cut-off survey from which smaller enterprises are excluded. Around 230 enterprises are selected mainly on the basis of the annual sample survey on FDI stocks to take part in this monthly survey and report transactions with nonresidents. The annual company survey covers FDI stocks and profits. The definition of FDI adopted by Statistics Sweden is in line with the standard definition direct or indirect ownership between two companies of at least 10 per cent of the share capital or votes. All financial transactions between such companies except financial derivatives are regarded as direct investment. FDI can take the form of establishment or acquisition of an enterprise as well as subsequent investments. The directional principle is applied but data are also compiled according to the assets/liabilities principle. Aggregate flows data and their geographical and industrial breakdowns are published quarterly by Statistics Sweden. Since 1997, FDI flow data also cover short-term loans and trade credits, real estate transactions as well as transactions of holding companies. As earlier data have not been revised subsequently, there is a break in the time series. Data with a breakdown by region and country and by economic activity are available from Reinvested earnings are calculated as the difference between total profits after tax and dividends. The profit is assigned to the year in which it was earned and distributed evenly across the 12 months, whereas dividends are recorded when payable. Reinvested earnings

6 Sweden 2 can not be broken down further by region and country or by economic activity. Stock data (including directly owned real estate) are published annually with a time lag of about a year in Statistics Sweden s report, Direct Investments, Assets and Income. Data on both inward and outward stock are available from For inward stock, the geographical breakdowns follow the concept of the first chain ownership principle. Classification by economic activity follows the United Nations International Standard Industrial Classification of All Economic Activities (ISIC). Data are reported according to the economic activity of the Swedish direct investor (for outward FDI) and the foreign affiliate in Sweden (for inward FDI). While published stock data represent book values, a valuation method for market values has been developed and included in the International Investment Position (IIP) as a memorandum item. Growth Analysis is a national authority under the direction of the Ministry of Enterprise, Energy and Communications. Growth Analysis deals with policy analysis, growth studies and various areas of Government statistics. It is the responsible government authority for official statistics on international business. The surveys include foreign-owned enterprises in Sweden, Swedish TNCs and the structure of the total business sector according to the degree of internationalisation. Survey results are published on the Growth Analysis website ( Data are available with a breakdown by economic activity and by region and country (the latter, classified according to the ultimate beneficial owner). Data on the activities of majority-owned foreign affiliates of Swedish transnational corporations (TNCs) and majority-owned foreign affiliates in Sweden are published by the Swedish Institute Agency for Growth Policy Analysis (Growth Analysis), in conjunction with Statistics Sweden.

7 Sweden 3 B. Statistics on FDI and the operations of TNCs Table 1. Summary of FDI (Millions of Kronors and percentage) Variable Inward Outward 1. FDI flows, (annual average) FDI flows as a percentage of GFCF, (annual average) FDI stocks, FDI stocks as a percentage of GDP, Source : UNCTAD FDI/TNC database, based on tables 3 and 4. Table 2. Summary of international production (Millions of Kronors and number) Variable Homebased TNCs (Parent) Affiliates of foreign TNCs in Sweden Foreign affiliates of Swedish TNCs abroad Number, 2008 a Employees (thousands), 2008 a Wages and salaries, 2007 b Value added, 2007 b Profits, R&D expenditures, R&D employees, Sales, 2008 c Imports, 2007 d Exports, 2007 d Source : UNCTAD FDI/TNC database, based on tables 19, 20, 22, 31, 32, 34, 36, 37, 39, 41, 42, 44, 46, 47, 49, 54, 56, 58, 59, 61, 63, 64, 68, 69, 73 and 74. a Data for affiliates of foreign TNCs in Sweden refer to b Data for foreign affiliates of Swedish TNCs abroad refer to c Data for affiliates of foreign TNCs in Sweden refer to d Data for foreign affiliates of Swedish TNCs abroad refer to 2008.

8 Sweden 4 Year Equity Table 3. FDI flows, by type of investment, (Millions of Kronors) Inward investment Reinvested earnings Other Total Equity Outward investment Reinvested earnings Other Total Source : UNCTAD FDI/TNC database, based on data from SCB, Statistics Sweden.

9 Sweden 5 Year Table 4. FDI stocks, by type of investment, Inward investment Equity and Retained earnings Other Total (Millions of Kronors) Outward investment Equity and Retained earnings Other Total Source : UNCTAD FDI/TNC database, based on data from SCB, Statistics Sweden.

10 Sweden 6 Table 5. FDI flows in the host economy, by industry, (Millions of Kronors) Sector / industry Total Primary Agriculture, hunting, forestry and fishing Mining, quarrying and petroleum Secondary Food, beverages and tobacco Textiles, clothing and leather Wood and wood products Publishing and printing Coke, petroleum products and nuclear fuel Chemicals and chemical products Rubber and plastic products Non-metallic mineral products Metal and metal products Machinery and equipment Electrical and electronic equipment Precision instruments Motor vehicles and other transport equipment Other manufacturing Tertiary Electricity, gas and water Construction Trade Hotels and restaurants Transport, storage and communications Transport and storage Post and communications Finance Financial intermediation Insurance and pension funding Activities auxiliary to financial intermediation Business activities Real estate Computer and related activities Research and development Other business activities Public administration and defence Education Health and social services Community, social and personal service activities Other services Unspecified Private buying and selling of property Reinvested earnings Source : UNCTAD FDI/TNC database, based on data from SCB, Statistics Sweden. Note : Data for are from a Nace Rev.2 classification. Wood products include publishing and printing. Chemical products include petroleum and rubber and plastic products. Metal includes machinery.

11 Sweden 7 Table 6. FDI flows in the host economy, by geographical origin, (Millions of Kronors) Region / economy Total world Developed economies Europe European Union Belgium Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Latvia Lithuania Luxembourg Netherlands Poland Portugal Slovakia Slovenia Spain United Kingdom Other developed Europe Iceland Norway Switzerland North America Canada United States Other developed countries Australia Japan New Zealand Bermuda Developing economies Africa Morocco Angola Nigeria South Africa Latin America and the Caribbean South and Central America South America Argentina Brazil Chile Peru Venezuela, Bolivarian Rep. of Central America Mexico Caribbean Barbados Cayman Islands Asia West Asia Saudi Arabia Turkey United Arab Emirates South, East and South-East Asia China Hong Kong, China India Indonesia Korea, Republic of Malaysia Pakistan Philippines Singapore Sri Lanka Taiwan Province of China Thailand Oceania South-East Europe and CIS South-East Europe CIS Kazakhstan Russian Federation Unspecified Reinvested earnings Source : UNCTAD FDI/TNC database, based on data from SCB, Statistics Sweden.

12 Sweden 8 Table 8. FDI flows abroad, by industry, (Millions of Kronors) Sector / industry Total Primary Agriculture, hunting, forestry and fishing Mining, quarrying and petroleum Secondary Food, beverages and tobacco Textiles, clothing and leather Wood and wood products Publishing and printing Coke, petroleum products and nuclear fuel Chemicals and chemical products Rubber and plastic products Non-metallic mineral products Metal and metal products Machinery and equipment Electrical and electronic equipment Precision instruments Motor vehicles and other transport equipment Other manufacturing Tertiary Electricity, gas and water Construction Trade Hotels and restaurants Transport, storage and communications Transport and storage Post and communications Finance Financial intermediation Insurance and pension funding Activities auxiliary to financial intermediation Business activities Real estate Computer and related activities Research and development Other business activities Public administration and defence Education Health and social services Community, social and personal service activities Other services Unspecified Private buying and selling of property Reinvested earnings Source : UNCTAD FDI/TNC database, based on data from SCB, Statistics Sweden. Note : Data for are from a Nace Rev.2 classification. Wood products include publishing and printing. Chemical products include petroleum and rubber and plastic products. Metal includes machinery.

13 Sweden 9 Table 9. FDI flows abroad, by geographical destination, (Millions of Kronors) Region / economy Total world Developed eonomies Europe European Union Austria Belgium Bulgaria Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Netherlands Poland Portugal Romania Slovakia Spain United Kingdom Other developed Europe Iceland Norway Switzerland North America Canada United States Other developed countries Australia Israel Japan New Zealand Bermuda Developing economies Africa Algeria Egypt Morocco Sudan Angola Congo, Democratic Republic of Ghana Liberia Nigeria South Africa Latin America and the Caribbean South and Central America South America Argentina Brazil Colombia Ecuador Peru Venezuela, Bolivarian Rep. of Central America Mexico Caribbean Cayman Islands Dominican Republic Asia West Asia Iraq Jordan Kuwait Oman Qatar Saudi Arabia Syrian Arab Republic Turkey United Arab Emirates South, East and South-East Asia China Hong Kong, China India Indonesia Korea, Republic of Malaysia Pakistan Philippines Singapore Taiwan Province of China Thailand Oceania South-East Europe and CIS South-East Europe Croatia CIS Russian Federation Ukraine Unspecified Source : UNCTAD, FDI/TNC database based on data from SCB, Statistics Sweden.

14 Sweden 10 Table 11. FDI stocks in the host economy, by industry, (Millions of Kronors) Sector / industry Total Primary Agriculture, hunting, forestry and fishing Mining, quarrying and petroleum Secondary Food, beverages and tobacco Textiles, clothing and leather Publishing and printing Coke, petroleum products and nuclear fuel Chemicals and chemical products Rubber and plastic products Non-metallic mineral products Metal and metal products Machinery and equipment Electrical and electronic equipment Precision instruments Motor vehicles and other transport equipment Other manufacturing Tertiary Electricity, gas and water Construction Trade Hotels and restaurants Transport, storage and communications Finance Business activities Public administration and defence Education Health and social services Community, social and personal service activities Unspecified Source : UNCTAD, FDI/TNC database based on data from SCB, Statistics Sweden.

15 Sweden 11 Table 12. FDI stocks in the host economy, by geographical origin, (Millions of Kronors) Region / economy Total world Developed countries Europe European Union Austria Belgium Cyprus Denmark Finland France Germany Ireland Italy Luxembourg Netherlands Poland Spain United Kingdom Other developed Europe Norway Switzerland North America Canada United States Other developed countries Japan Bermuda Developing economies Africa Latin America and the Caribbean South and Central America Caribbean Cayman Islands Asia West Asia Saudi Arabia South, East and South-East Asia Oceania South-East Europe and CIS South-East Europe CIS Unspecified Source : UNCTAD, FDI/TNC database based on data from SCB, Statistics Sweden.

16 Sweden 12 Table 14. FDI stocks abroad, by industry, (Millions of Kronors) Sector / industry Total Primary Agriculture, hunting, forestry and fishing Mining, quarrying and petroleum Secondary Food, beverages and tobacco Textiles, clothing and leather Wood and wood products Publishing and printing Coke, petroleum products and nuclear fuel Chemicals and chemical products Rubber and plastic products Non-metallic mineral products Metal and metal products Machinery and equipment Electrical and electronic equipment Precision instruments Motor vehicles and other transport equipment Other manufacturing Tertiary Electricity, gas and water Construction Trade Hotels and restaurants Transport, storage and communications Finance Financial intermediation Insurance and pension funding Business activities Public administration and defence Education Health and social services Community, social and personal service activities Other services Unspecified Source: UNCTAD, FDI/TNC database based on data from SCB, Statistics Sweden. Notes: Motor vehicles includes all metal products and machinery.

17 Sweden 13 Table 15. FDI stocks abroad, by geographical destination, (Millions of Kronors) Region / economy Total world Developed countries Europe European Union Austria Belgium Czech Republic Denmark Estonia Finland France Germany Hungary Ireland Italy Latvia Lithuania Luxembourg Netherlands Poland Portugal Spain United Kingdom Other developed Europe Norway Switzerland North America Canada United States Other developed countries Australia Japan Bermuda Developing economies Africa Morocco South Africa Latin America and the Caribbean South and Central America South America Brazil Central America Mexico Caribbean Asia West Asia Turkey South, East and South-East Asia China India Korea, Republic of Malaysia Oceania South-East Europe and CIS South-East Europe CIS Russian Federation Unspecified Source : UNCTAD, FDI/TNC database based on data from SCB, Statistics Sweden.